While Enjin Coin Explodes, These Low Cap Altcoins Could 10x This Year
Leading GameFi platform Enjin (ENJ) saw a massive 20% pump yesterday on the back of bullish FOMC news. Now, the price has retraced back 4%, with bulls wondering whether it's time for the next leg up.
Enjin (ENJ) has seen an impressive 2023 so far, forming a bullish trading channel after a rally ignited in January.
The steadfast bullish technical structure is solid and could set the stage for for ENJ to reclaim past heights.
Enjin is a platform focused on equipping GameFi developers with the tools they need to build on the back of Ethereum.
As the New Year broke the ice of a difficult crypto winter for Enjin, January saw a steady 82% climb.
A period of consolidation into February carried price action for three weeks. Until a 20% breakout candle sent ENJ rocketing yesterday.
This was fuelled by bullish development news published by CoinMarketCap's spotlight report. And emboldened by positive sentiment from the FOMC meeting.
A strong support level has emerged from the three weeks of consolidation above $0.45 (-13.5%).
With price action primed, Enjin is targeting upside potential to $0.70 (+35%) - a historic level last seen in August 2022.
As for indicator signalling, the RSI is on the fence at a level 52.
It is noteworthy how quickly the RSI was able to cool-off from yesterday's pump. Suggesting there is strong momentum behind this rallying price action.
The MACD provides slight reassurance showing minor bullish divergence.
With nothing to indicate concern - it seems likely Enjin's recovery rally is set to continue - providing fundamentals remain unchallenged.
And with a Risk: Reward structure of 2.55 - an attractive entry characterised by limited downside risk - Enjin bulls are on parade.
But with GameFi anticipated to become a breakout
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